The Community for Quickbooks Self-Employed sponsored by Intuit has some amazing small business owners running small businesses, just like you.
One asked, how do I start a photography business?
Here are four tips to position your business to make real money (and avoid sleepless nights):
- Tip #1: Know what you’re really good at. Weddings? Portraits? Commercial photography? Outdoor photography? Choose one you’re passionate about.
- Tip #2: Know where your competition is falling down on the job. Go into the market as a buyer of their services. See where they’re weak. Take notes.
- Tip #3: Know your market. Ask your industry trade association. Get the stats on how many photographers and of what type are in your area.
- Tip #4: Find out where the demand is greatest and competition is weakest. That’s where you’ll make the most money.
Why? Because that’s where you stand out from the crowd and don’t have to compete on price. If you can charge a premium for what you do in the face of strong demand and weak competition, you’re golden. The only way to do that is to find your niche where you can be head and shoulders above everyone else who gets paid to take photographs.
You’ll generate more revenues faster, your gross margins will be higher, and your profits will come in faster. You’ll have a business and not just an expensive hobby. You’ll also reach the break even point faster. That’s the point at which the business is self-sustaining.
Accounting for the Numberphobic; A Survival Guide for Small Business Owners takes you through what the break even point is and how to get there.
This article was originally published by Best Small Biz Help
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